Every crypto cycle has its hidden infrastructure story. In 2017 it was exchanges, in 2020 it was DeFi protocols, and in 2021 it was layer-1 ecosystems. Now, in 2025, the story that may define the next wave is less flashy but far more important: data.Markets live and die on the quality of information they use. Without trustworthy, real-time data, risk management breaks, liquidations spiral, and entire ecosystems collapse. That’s why the most important development of the year might not be a token launch or a chain upgrade, but something quieter: the decision of leading centralized exchanges to start publishing their first-party data directly into @Pyth Network
The big question is: why are global exchanges like Cboe and Coinbase aligning with Pyth, and what does this signal for the future of decentralized finance and real-world assets?
The New Wave of Centralized Exchanges Joining Pyth:
The roster of new publishers reads like a who’s who of trading infrastructure:
Cboe Global Markets : one of the largest exchange operators in the world, covering equities, derivatives, and crypto. Their presence strengthens Pyth’s credibility in traditional finance.
Coinbase : the best-known crypto exchange in the U.S., now publishing its direct trade prints into Pyth’s feeds.
LMAX Exchange : a major institutional FX and crypto venue, adding depth in foreign exchange and digital assets.
MEMX, MIAX, and IEX : innovative U.S. equities venues that broaden Pyth’s traditional market coverage.
This isn’t symbolic. Each of these names brings something unique liquidity depth, institutional reach, or regulated equity market data. Together, they are weaving CeFi and TradFi directly into the Web3 data layer.
The Scale of Pyth Publisher Network:
While the newest additions are exciting, they are only part of the story. Pyth’s publisher set has grown to include over 120 institutions, spanning:
Global market-makers and HFT firms ,Virtu, Jane Street, DRW, Jump, Flow Traders, Optiver, HRT, SIG, IMC, GTS, and more.
Fintech innovators , Revolut, showing that data sources don’t have to be limited to trading firms.
Exchanges and liquidity providers across both crypto and traditional markets.
This diversity creates something DeFi never had before: a redundant, multi-sourced, first-party data backbone. Unlike legacy oracles that rely on third-party aggregation, Pyth’s model means the entities making the trades are also the ones publishing the data.
The result is lower latency, higher fidelity, and stronger trust.
Why First-Party Data Matters More Than Ever?
To understand why this matters, we need to zoom out.
In traditional finance, entire industries exist to sell data Bloomberg, Refinitiv, ICE. Institutions pay millions of dollars annually for a single seat on these platforms. Why? Because having direct, accurate, and timely data is not optional it’s survival.
DeFi is reaching the same point. Lending protocols, perps exchanges, and RWA issuers all need to know that the numbers they rely on are correct. A one-minute lag or a wrong price feed could mean millions lost in liquidations.
That’s why it’s so powerful that names like Coinbase and Cboe are publishing directly into @Pyth Network It shows a recognition that on-chain systems deserve the same quality of data as Wall Street.
The Convergence of CeFi, TradFi, and DeFi
What we’re witnessing is the slow collapse of old silos.
CeFi exchanges : provide liquidity and order flow.
TradFi exchanges : anchor regulated markets and institutional trust.
DeFi protocols : create composable systems where anyone can build on top.
With Pyth as the connective tissue, these worlds no longer look separate. A protocol on Arbitrum can access U.S. equities data from Cboe, crypto prints from Coinbase, and FX depth from LMAX—all on chain, all verifiable.
This is what makes PYTH more than just another oracle. It’s building the common data layer of the next financial internet
The Impact on Real-World Assets (RWAs)
The rise of RWAs is the big narrative of 2025. Everyone wants to tokenize treasuries, equities, commodities, or real estate. But RWAs can’t work without reliable inputs.
Here’s what first-party exchange publishing unlocks:
Tokenized Bonds and Treasuries now tied to official rates and macro releases.
Synthetic Equities priced accurately with real exchange feeds from Cboe, IEX, and MEMX.
FX-backed Stablecoins anchored to high-fidelity forex data from LMAX.
Commodities and Metals Products supported by multi-sourced prices from publishers.
The more exchanges that publish, the more confidence institutions and users can have that RWAs are not just speculative wrappers but truly tradable assets with solid foundations.
What This Means for PYTH holders?
For the PYTH ommunity, this expansion is more than just a marketing win it’s a network effect flywheel.
More publishers stronger data quality.
Stronger feeds more protocols integrate Pyth.
More integrations more demand for premium feeds.
More demand greater value capture for the network.
And the credibility boost of having exchanges like Cboe and Coinbase onboard cannot be overstated. These are names regulators, institutions, and mainstream finance understand and respect.
Looking Ahead Could Pyth Become the Bloomberg of Web3?
It’s tempting to think of @Pyth Network as just an oracle.But the bigger picture looks different. Bloomberg and Refinitiv built multi-billion-dollar empires by becoming the pipes of financial data in TradFi. Whoever builds that role in Web3 won’t just be another protocol they’ll be the backbone of the entire digital economy.In 2025, PYTH js making a serious claim to that role. With over 120 publishers, first-party exchange data, and growing RWA relevance, the project isn’t just tracking crypto it’s reshaping how information itself flows into decentralized markets.
The question is no longer whether DeFi will use RWAs. It’s whether protocols will choose the data standard strong enough to power them. If the recent additions are any indication, exchanges are already voting with their feet and they’re voting for Pyth.
When Coinbase, Cboe, LMAX, and other exchanges choose to publish into Pyth, it’s more than a technical integration. It’s a signal that the walls between traditional, centralized, and decentralized markets are coming down.By anchoring itself as the first-party data backbone of DeFi, @Pyth Network is positioning $PYTH as one of the most critical infrastructure tokens in the market.This isn’t hype itt’s the groundwork for the future financial system. And like every cycle before, the quiet infrastructure stories often end up being the most important ones of all.
